House Prices Dropping in the Bay Area

When it comes to making it in the Bay, 10% not enough. That’s the price drop for the average home in San Francisco. In fact, home prices are down throughout the Bay Area. But sales remain extremely slow. Scott Budman reports.

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[facebooksmith]

I bought my house in West San Jose' in 1996 for $160K. During the past 27 years, I've seen it go up to $600K, then drop to $350K, then fluctuate from $800K to $400K, then from $1.1 million to $800K, now homes in our neighborhood is selling for $1.5 to $1.8 million (if it comes up for sale at all). I suspect it'll drop to arond $1.4 million or so. Then in another few years, $2 million. Then drop to $1.8 million ... and on and on and on. If I live long enough, I may see $10 million. But I'll be long gone by then.

[hoapres]

What price drop? The houses were simply overpriced as they were priced 20% over the last sale back at the peak. A 10% drop is still higher than the sales price of houses at the peak.

[YT_C]

Blue color workers are no longer living in Bay Area. With the inflated prices in today’s market, people who are earning <300K are also moving away. There is absolutely no quality of life in Bay Area for the buck you pay for housing and other taxes you pay. At this rate, most of the companies also move away because they can find talented labor in other regions of the state. Forget about what existing home owners are expecting for their homes, no new buyer have money to handle the high mortgage monthly payments, prices must and will fall another 20-30% from here on. There is no further upside to real estate through out the country because it’s already consuming >40% of the pay checks. During pandemic, people have plenty of money for down payment from stocks, Bitcoin etc. all those days are gone, there is no one way people can hear these costs, real estate will fall further, do not buy out of FOMO. For sellers, sell now when the prices are still high, otherwise you will end up regretting later.

[rammanohar]

Bay are home prices should drop by 80%

[isailevilopez]

hope they go down more. overpriced houses.

[theforestisdark]

You said yourself "a year ago" sellers need to keep that same mentality when they were selling higher then what they're neighbor sold a year ago

[tracer]

House prices should drop 2 or 3 times for those old houses in Bay Area for sure

[david_lawrence_h]

10% drop is chump change when prices have gone up 75% in the last three years. Vastly unaffordable for most.

[harshoperator]

Price of a 3 bedroom 2 bedroom house in SF drops from 500k to 450k lol.

[jackpop]

House Prices -Dropping- in the Bay Area ??!
good triy NBC, i'm not buying any house!🤣

[ganninia]

yes, places like oakland and ghetto places shouldnt be worth over 1m

[thetimetravelerszen]

This news is not correct. Prices haven’t dropped, no listing is living longer than 2weeks, if home is in good condition.

[isabel]

who would want buy house with Water damage

[veritas]

2020 thru 2021 housing prices was synthetically stimulated. Should go down more, at least 10%.

[lifeincentralvalley]

I’ll buy if price is down by 30% or more

[MedianaDhea]

Thank God housing here in Newark still not that expensive.

[tyt]

Just wait until those money losing tech companies go under

[singlefather]

When a husband and a wife both work at $300k a year to the total of $600K, all of sudden $3 million home is not out of the question.

Every spring we experience increase in real estate transactions. If we didn’t this spring, there will be a serious price decline. But the people are too stupid to hold out or wait.

[vgslife]

Not going to turn around in spring either

[YT_C]

It’s funny to hear what these real estate brokers and business people say. End of the day there are absolutely no buyers because everyone realized how much percentage of their paychecks the real estate is consuming. I personally have couple of friends who bought due to FOMO and are regretting their decision now, not because the prices declined a bit but because they can’t spend on anything else and their Quality of life is suffering. Expenses have gone up and WFH is dying, think wisely before buying a property at these inflated prices. Note that lesser activity means no business for these real estate people, so they always lure you to buy properties, they hardly care about you. Hope buyers out there are intelligent enough to understand this.